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tv   Forbes on FOX  FOX News  January 5, 2013 8:00am-8:30am PST

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point. emac, the's new list of regulations that are 77,000 pages was issued on the friday before christmas. trying to get buried in the holidays. >> it was released between april and october. these rules are going to cost the economy 128 billion . that is it one estimate out there. even russian czar said i don't rule russia. my miniczar's do. rich has it right. burrcrats are justifying and creating new rules . and i talk to them. they have to hire their own burrcrat to dole with the government burrcrats. >> emac said you need new administrators and czars. >> maybe it would add jobs. but it is important to point out regulations are necessary.
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even governor romney said that . porly -- case in point. oregon is coming out with a law that makes employers not discriminate against unemployed applicants that is it important. we have seen discrimination there. that is good for the economy. >> steve, you can always justify thingings. but the bottom line regulations are a tax on business. are they not? >> they are indeed and people who love regulations make it a choice between anarchy and reguleses. in term of job creation and having bankings. i know a midsize bank had to hire a thousand people of compliiance and that means fewer loan officers. regulations are a burden pure
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and simple . the p.m. claims to be for maul business and jobs and yet he comes out with a basket full that hits at jobs. >> rich put it in the right way n from the beginning. they have to hire someone to keep track of all of the regulations and that is hiring that is not going to growing and productivity and growing the economy. it is it sneaky stuff. you can see it wreaking havoc in the university system. every one teacher, you have more than or one administrator. >> that's where my tuition money is going. >> they haveg wellulations to keep up with. >> rich, you are right there and made a lifetime of studying the way business works. do you hear people complaining and saying this will prevent me from hiring more people because i have to deal with
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new regs. >> you are right about that. if you deal in bits and bites and an allegormic business and escape all regulatory detention apratus. the companies that use energy and extract from the ground and farmers and manufacturers and shippers, you know, those companies that constitute the bulk of the economy. it is it hit. it is fine if you are making application for the iphone and then you are not hit so much. >> rick, you were a small businessman and the folks who make things. you were in the intellectual property realm. >> it is fasnating and the reason we have regulation and it is people who are in the position to do harm to their customers have the regulations. why?
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because before they had regulations they were doing harm. there are rules that protect the public safety . the congress and senate is breaking its own rules by not passing a budget . that's the issue . in issue, it is not a lack of rules but a short annual of enforcement . that is not the same as making the economy more affective. >> the trouble with you, john. your did maching and. >> i see you taking your point. i have gone up in washington. very often thape make sure they have jobs later on >> i so how that is a burrcrat.
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>> we are not talking about those rules. we are talking about health reform which is its own mini government. we are talking about the states making up their own rule to enforce the government's rules about health reform. it is what small businesses will have to pay for. >> stove, in the last 90 days, the federal government issued more than 550 new regulatory proposal. you can scher pick and find good ones in there. but all of those might require paperwork on the part of business. >> it is it a burden, david . durcracy love to expand . when the british navy declined in size after world war i. they got mauler, but the bureaucracy got better. and have you soin a regulatation that was not
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necessary? >> i have to the tell you. they have built i business the yores are i am not sure they have to vircomication . po. >> that assuming the rolling regulator is smarter. they are on or throw cops they one of the most hennily regulated industry and yet it was the cause of your approximately process. they were rulut upon it is a slew of regulations. >> it is a concern . more concern and compliance than ciping new thews.
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>> with russia with love. stove forbes said can help alm of us gows, or. it's a big deal. check your december 30th sunday paper or print the coupon at
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♪ live from american's news headquarter, i am jamie colby. lance armstrong's lawyer is denying that he will admit to
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taking performance enhancing druth. it cost armstrong his 7 tour de france titles and got him banned for life for the events. his lawyer said he has no knowledge of his client considering a confession . >> hugo chavez is struggling to recover from cancer surge row and his vice-president may postpone the inaugusteration for the thir term. he's receivering from cancer surgery and a serious lung infection . back to forbes on fox. leaving high tax france to flat tax rush yampt offering french actor russian citizenship since the actor is planning to leave his homeland
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for a tax friendly country. you say america has to learn from russia before rich people run away. >> russia threw out the tax system and put in a flat tax. revenues doubled and economy started to boom. it would be like the productive work and success . there is a lobbyist . i said many times. i don't have an allergic reaction to the flat tax especially into proposed by the god father of the flat tax with certain adjustments for lower income. we have a page tax code that is corrupted and perverted. >> by president obama you mean. >> no, no, no.
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>> yes, yes, it is more complex now. >> how do you assure me that the same corruption will not take place. if we go through a flat tax. >> we went through the ridiculous process to raise the tax rates. the tax code is bigger than than before. >> of course, it is it rich. there are many more pages as a result of this. wouldn't a flat tax be better? >> yes, it would. rick, i am surprised of the cynicism. i thought you were forward optmistic guy. why not try for a tax code that is moral and efficient and transparent and bring citizens together instead of pitting them against each other come is the case now it is so out of control that is it the country is at risk. >> victoria, the tax corrode had special breaks for the big
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goys and were placed closely to the president. provisions that apply to just one company? >> yeah, it is it full of weird loop holes and we have a more complex system system as a result . it hasn't somped our problem. that the government is spending much more than it can imagine taking n >> you can tax millionaires in a 90 percent rate and it would not get you what you need. we are demonizing wealth recreation. that's what the actor is doing it. he is fed up on success andital ept in france . thinking of fleeing to belgium and russia. >> who cares? >> the fact is, when that much money starts leaving country and multiply that by thousands of people. you can see a lot of capitol leaving the country and that
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is going to hurt. >> what i like about the flat tax the most, david. everybody pays in porportion of what they aaron . they have skin in the game in terms of how much the government spend and bureaucracy gets. so many people are paying no taxes and a low porportion of the income and taxes. they will vote for any government program and. they are not paying money into it >> emac. we hear about fairness. isn't it better to do it this way and don't have the special provisions. >> france is screaming about jeb pedu . show paid million necessary taxes . we have france here in the united states. we have california . rich people and wealthy people . leaving california because of the taxerates and problems are
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going on there. >> yurb raare request has a nat tax . the i.r.s. to do with it. even what was for it. he needs to optinize the deductions. he needs five paper towel rolls >> if you are against special interest gets special deals. how can you be in favor of a complicated tax code. >> i am not in favor. >> but we'll point one thing out. french high court ruled that the super tax that pardue wants to leave is illegal. >> 75 percent. >> but the politicians are pushing for it >> they will bring it back next fall. >> he happens to be the leader of the country. >> in it didn't work . i am all for. >> it was the wording. >> if you're guaranteeny we
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will not end up with a 75 page code. >> it will be weeks before we sort what is in there. >> you do i want want capitol allocated based on>> it is ape . >> thymes there is no wigging for the win ares or students. helping them tow get a job. some of the cashing in crew feels it is a great thing for job creators. i hope one of your new year's resolution is to save more cash . prices on the stuff you bay every day are going to keep spike handwriting. answers from forbes straight ahead.
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so the party is over . 20$3 is underway and stow are the spiking coasts on everything . prices on everything from groceries and tolls and buses and ups are way up . the price spike hitting cars and electronics. no matter what the government
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said inflation is for real. >> we have got hit for three and half years. value of the dollar against the trading partners is down 11 percent. they are up 35 percent over the last four years. that is a huge spike in food inflation. i went to buy coffee. i hadn't bought it $4.99 and to $8. it was inflation. >> i don't think it is necessarily inflation. but there is more to be at play. we had a bad year for crop. that pushed prices of meat and groceries up . there is more than just inflation going on with the prices. >> the governments are one of the sources of inflation . look at the cost of subways and things folks cannot avoid and they are in large part
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controlled by the government. those price are going up. >> sure they are, david. i love the thing about droughts. every time you get a crop in north korea it is it a drought. we have inflation . the federal reserve is responsible for it. it doesn't always get the same symptoms. they trash the we had a going out of business sale. when you undermine the dollar. things happen. we do have money that is worth less. >> i have to tell you where i buy my coffee. i am, i am, i will show you and help you buy it there are two different numbers to look
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at it. general inflation 1.6 or 9 percent. it is food inflation that is the issue and projected four percent. but like it or not it is tied to the drought we had in the midwest. that's the reason . you can't blame anything but that. >> there is it a lot of things you could blame. all of that money that the fed has been trending. that has to have an affect on the value of money does it not? >> it really does. steve makes a great point and made the point in the speeches not one in a thousand of people understand the new nature of inflation. we have low rates of inflation . purchasing power is not keeping up with prices and a better way to understand it is stagflation. we center lousy growth economy . not keeping up with prices and inflation all of the same. >> that's not totally true. look at the jobs market.
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they are up higher than the inflation rate. >> coming up. new year and new price spikes . our informers have the stocks to help cover the costs, next.
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>> you just heard about price spikes coming. j.p. morgan with a familiar. insiders have been buying.
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>> what do you think emac? >> i don't like. buy it on weakness. it is too high right >> we are in a new year and not sure how people are going to be buying things. walmart is one of those stocks that always seems to do well. >> it was basically had a weak performance in the holiday shopping as all brick and mortar stores about. buy it on weakness. >> i think it is it a great choice. keep an eye on the earning's report. >> should we be concerned with the earnings or buy it now? >> buy on weakness . then they may pop. >> thanks for watching, have a great weekend. ♪ >> forget the rich. did this week's cliff deal throw poor people over the cliff. nonprofits think that folks
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will think twice about the charity. did the lawmakers punish the poor? i am cheryl casone, and welcome to cashin' n welcome to all of you. i want to start wutracey. did you think the deductions would hurt poor americans. >> i think everything that happened with the cliff would help lower income in particular. but contributions, cheryl,s threshold was lowered and that means more people are going to not going to deduct things on the schedule a. charitable contributions fall under schedule a. they have been hurt because of the recession to begin with. people pulled back and now, i get we are a charitable nation. but in thepped of the day, you are looking for's deduction .
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if you are not getting it. you may not write the extra check. >> i am not donate as much in 2012 because of what happened when the fiscal cliff deal. he's one of many who said i will pull back. >> i think what is ignored in all of this is the result of charitable giving. they are people who feel they have obligation are not encouraged by this . the result of what charities do is the substitute of the government doing it. it is it a big way to give back to the poor or sick than the federal government. that is it the real problem with it cuts out people who do it best.